- Ethereum’s transaction volume surges by 300%, reaching a daily large transaction volume of $17.15 billion on December 7.
- Ethereum ETFs in the U.S. see unprecedented inflows, with a record-setting $428 million entering on a single Thursday.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has witnessed a dramatic escalation in transaction activity, marked by an impressive 300% increase in weekly transaction volume.Â
This surge has brought the total to an astounding $17.15 billion in large transactions recorded on December 7th alone, indicating a heightened level of trading activity among significant market “whales.”
These large-scale transactions typically exceed $100,000 each and have become more frequent as Ethereum’s price recently surpassed the $4,000 mark, a level last seen in March of this year.
Large #Ethereum transactions are surging! The weekly transaction volume has skyrocketed by over 300%, hitting $17.15 billion today. pic.twitter.com/3cBBG48RgR
— Ali (@ali_charts) December 7, 2024
This spike in whale transactions correlates closely with the overarching trends in the cryptocurrency market, particularly in light of Bitcoin’s breakthrough above the $100,000 threshold, setting a new all-time high of $104,000 during the same week.
The rise in transaction volume on Ethereum’s network is seen by many analysts as a bullish sign, suggesting robust demand and a positive market outlook. Notably, Ali, a crypto analyst, emphasized the significance of these developments, stating the increased activity underscores the growing financial movements within the Ethereum ecosystem.
Further underscoring the optimistic sentiment, Ethereum exchange-traded funds (ETFs) in the United States reported unprecedented inflows, with a record $428 million entering these funds on a single day. Additionally, the combined net flow into nine specific Ethereum ETFs totaled 108,045 ETH, valued at approximately $433.15 million, just a day prior.
This influx of funds into Ethereum ETFs, coupled with the surge in large transaction volumes, paints a picture of a cryptocurrency that is not only recovering but also expanding its influence in the financial market.Â
The increased transaction activity and fund inflows into Ethereum suggest that both retail and institutional investors are becoming increasingly confident in the long-term prospects of Ethereum as a leading digital asset, potentially setting the stage for further price appreciation and market growth.
Last week (December 2 to December 6, EST), Ethereum spot ETFs had a net inflow of $837 million, reaching a record high for weekly net inflows. The Ethereum spot ETF with the largest weekly net inflows last week was Blackrock’s Ethereum ETF ETHA, with a weekly net inflow of $573 million.
Last week (December 2 to December 6, EST), Ethereum spot ETFs had a net inflow of $837 million, reaching a record high for weekly net inflows. The Ethereum spot ETF with the largest weekly net inflows last week was Blackrock's Ethereum ETF ETHA, with a weekly net inflow of $573… pic.twitter.com/PrTDch754c
— Wu Blockchain (@WuBlockchain) December 9, 2024
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The Ethereum (ETH) chart shows a current price of $3,903.2, retracing from the recent high of $4,008.2, facing resistance in the premium zone around $4,000–$4,200. Key support lies at $3,800, with additional zones at $3,200 (equilibrium) and $2,400 (discount).
Structural shifts, including Break of Structure (BOS) and Change of Character (ChOCH), highlight the bullish trend, while the OBV MACD indicates potential bearish divergence, suggesting a short-term pullback or consolidation.
If ETH sustains above $3,800, a retest of $4,200 is likely, but failure could lead to a retracement toward $3,200, maintaining its longer-term bullish outlook.
